A treasured way to bring loved ones together and forget about everyday hassles, cottages and recreational properties often hold significant sentimental value for families. Proper succession planning for these assets requires knowledge of property, tax and estate law, but also practical client counselling skills. This program, with experienced estates lawyer Peter Lillico, will provide a real-world guide to the challenges and solutions available to successfully keep a cottage or recreational property in the family and prevent unnecessary disputes. The presentation will attempt to answer the question what does a lawyer need to know about cottage/recreational property succession planning in order to appropriately advise clients and avoid future negligence claims? Topics will include succession planning issues; capital gains tax planning considerations, including maximizing the principal residence exemption; succession timing alternatives; post-succession protections; and, cottage sharing agreements. Along the way, Peter will address the importance of being realistic, the hard questions that needs to be asked about family members’ expectations and finances, and what-if scenarios that, without proper planning, can lead to litigation. Don’t miss this unique opportunity to learn how you can help your clients navigate the cottage succession planning process and create an estate plan that successfully transitions a cherished retreat to the next generation, despite the financial hurdles and inevitable family conflicts.
Live webinar with chat includes 60 day replay. This program features real-time audio of the presenter with synchronized presentation slides, and a chat feature that allows for live Q & A.